Astral, BCE submit new takeover application to CRTC

CRTC receives new takeover proposal from BCE, Astral

Astral Media Inc and its suitor BCE Inc said on Monday they have filed a revised application for approval of their proposed combination, after the first one was rejected by Canada’s broadcast regulator.

The Canadian Radio-television and Telecommunications Commission blocked BCE’s $3 billion proposed takeover of Astral last month, saying it would give too much power to BCE – already the country’s biggest telecoms company and owner of numerous TV and radio assets.

The two companies did not provide details on the revised proposal, but said it addresses the commission’s concerns and sets out the steps the companies would take to comply with the relevant viewership thresholds.